SIXTY-SEVENTH CONGRESS. Sess. I. C11. 136. 1921. 259 under the provisions of this section; and the Commissioner is author- “'°°’”’ ’·*‘· ized to disallow, m whole or in part, any such credit which he finds has already been·taken by the taxpayer. _ (e) For thepurpfosigs of this sectici;1 s? doiinestic corporation which n·ii¤°me°6liii011¤ii°§rpii»i; owns a ma]or1 y o e vot1n stoc o a orei co oration from °‘g“· , , which it receives dividends (iiot deductible uiidler deiiztion 234) in tairhgziiggilgoizig any taxable year shall be deemed to have paid the same roportion ggiiuafdleéieitihlu dm` of any mcome, war—profits, or excess-profits taxes paid) by such foreign corporation to any foreign country or to any possession of the United States, upon or with res act to the accumulated profits of such foreign corporation from wlliich such dividends were paid, which the amount of such dividends bears to the amount of Promo such accumulated profits: Provided, That the credit allowed to any Limitation on mais domestic corporation under this subdivision shall in no case exceed ""°""’°‘ the same proportion of the taxes against which it is credited, which the amount of such dividends bears to the amount of the entire net income of the domestic corporation in which such dividends are www 0, ..mu_ included. The term " accumulated profits" when used in this mi1|atedpronts." subdivision in reference to a foreign corporation, means the amount of its gains, profits, or income in; excess of the income, war—profits, and excess—profits taxes imposed upon or with respect to such profits or income; and the Commissioner with the approval of the Secretary C.,1?,,°,lQj°§'§,*i,'L°§,j?“ by shall have full power to determine from the accumulated roiits of what year or years such dividends were paid; treating dividends paid in the first sixty days of any ear as having been aid from the accumulated lproiits of the receihng year or years gmless to his satisfaction s own otherwisdg, and in other respects treating dividends as having been paid from the most recently accumulated ,,,,,,,,,,,,t,,,g ,,,,,,,,,1 gains, profits, or eamin(gs. In the case of a foreign corporation, the <>f f¤re&¤¤¤r1>¤¤¤¤¤=- mcome, war-profits, an excess-profits taxes of which are determined on the basis of an accounting period of less than one ear, the word "year" as used this subdivision shall be construedy to mean such accounf erio . u, (f) Frldiifie purposes of this section a corporation entitled to the benefits of section 262 shall be treated as a foreign corporation. ° 1·¤¢,p.aze. ` ooRro1zAr1oN Rnruims. R°°m°S` S eciflc alre- Sec. 239. (a) That eve corporation subject to taxation under mwis- mq this title and every yiprsonlg service corporation shall make a return, stating s ecifically the items of its gse income and the deductions and crerdlts allowed by this title. e return shall be swom to by the president, vice president, or other principal officer and by the B, ,,8,,,,, 0, mag., treasurer or assistant treasurer. If foreign corgoration has no fg_§;g$gmm“}“°“* office or place of business in the Umte States but as an agent m B,. nodvm, mm, the United States, the return shall be made by the agent. In cases €€S»°°°· where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations m the same manner Ccuwuom and form as corporations are required to make returns. Any tax due on the basis of such returns made by receivers, trustees, or
shall be collected in the same manner as if collected from
the corporations of whose busmess or property they have custody and control. _ _ amanuug. (b) Returns made under this section shall be subject to the pro- of1;¤;1¤?¤¤ It part visions of sections 226 and 228. @en return is ma e under section 226 the credit provided in subdivision (b) of section 236 shall reduced to an amount which bears the same ratio to the full credit therein provided as the number of months in the pemod for which such return is made bears to twelve months.
